2022 Budget Biggest Winners And Losers

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The Ksh3.3 billion budget for the financial year 2022/23 tabled on Thursday, 7th April by National Treasury Cabinet Secretary Ukur Yatani in Parliament shows boosted spending on welfare programs such as cash transfers to vulnerable groups and Universal Health Care.

“We have outlined policies in this budget that are geared towards returning the economy on a more sustainable growth path for improved livelihoods,” said Treasury Cabinet Secretary Ukur Yatani.

Those who gained in the budget include vulnerable groups with a bumper Ksh39.5 billion allocation, education sector which was allocated Ksh544.4 billion, 26.7 per cent of the National Budget. The healthcare sector got an allocation of 111.7 billion while the transport sector received an allocation of Ksh172 billion for the construction and rehabilitation of road networks

Locally manufactured motor vehicles are also the biggest beneficiaries as they are set to be exempted from VAT.

However, to balance the economic equation, the state, went for luxury items to raise additional revenue totalling Ksh50.4 billion to finance its budget.

Among the biggest losers include the boda boda and tuk-tuk owners and operators, whom CS Yattani proposed must have insurance covers for themselves and their passengers.

The government is set to reap big from radio, television stations, newspapers, and other advertisers of gaming, gambling, and alcoholic drinks to raise new revenue from the growing industry.

Mr Yatani has slapped a 15 per cent excise duty on all fees charged by advertisers, which will see them raise their rates and eventually lead to a higher cost of alcohol and gambling.

“Gambling, gaming, and alcohol addiction have become prevalent in our society. These habits are extremely addictive and can result in a variety of harmful repercussions, especially for the youth. Advertisements for alcoholic beverages, betting, and gaming contributes greatly to the promotion of these habits,” he said.

The post 2022 Budget Biggest Winners And Losers appeared first on LitKenya.

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